FDIC, Geauga Savings sign consent order

June 1, 2013

Geauga Savings Bank, based in Newbury, is among eight financial institutions nationwide that agreed in April to consent agreements during enforcement action taken by the Federal Deposit Insurance Corp., the FDIC announced Friday.

The agreement will govern bank operations such as management, capital, dividend restrictions, reduction of classified assets, concentration of credit, profit plan and budget, and other operations. The agreement, dated April 2, will remain in effect indefinitely or until terminated by the FDIC and the Ohio Division of Financial Institutions.

The document states the bank agreed to the consent order without admitting or denying FDIC charges alleging unsafe or unsound banking practices relating to weaknesses in capital, asset quality, management and earnings.